Dysfunctional Banking in Iraq

This article by Roy Gutman a McClatchy Newspaper news reporter did a great job in writing this piece about the shambles of the Iraqi banking system. Something I have been saying for the last 5 years. Good Job Roy. You must all read this article slowly and read it again.

Highlights of the article:

No electronic funds transfers for Payroll or bills

No checking accounts

No Credit cards

ATMs few working

Banks are only a safe deposit box for your money

Quotes:

“Iraq is a completely destroyed country. Nothing is working. All the sectors are obsolete, and we have to start from minus, not zero.” – Iraq Government Spokesperson Ali al-Dabbagh

“The government cannot employ everyone. The private Sector has to play its role.” – Iraq Government Spokesperson Ali al-Dabbagh

Yes the article was very interesting and the reporter did a great job. We all can agree the Iraq banking system has a long way to go. I am waiting to see developments of the Western Bank heading to Iraq. We can only hope to facilitate the banking transactions of the reconstruction.

Thank you Stan for stopping by and commenting much appreciated.

Rico

AC, I too would have to endorse the Idea that unless the American Banking system is deployed to Iraq we’d be waiting indefinitely for a banking system there. Also It only make sense that sense their money is in our Central Bank, that our tie to the success of accounting is somehow tied to the US for the sucess of every Iraqi and US Citizen.